The company was hit hard by the second wave of the pandemic and reported Rs 894.5 crore net income last fiscal against Rs 1500 crore loss in FY22, as it could grow 10x growth in FY23 over FY22 with loan disbursements doubling to Rs 30,186.8 crore as of March and since then grown to Rs 36,000 crore.
Madhivanan Balakrishnan has been elevated as the Executive Director and Chief Operating Officer of IDFC First Bank following the RBI's approval, a statement said on Wednesday. His elevation was recommended by the nomination and remuneration committee for a period of three years, IDFC FIRST Bank said in the statement.
Bank unions AIBOC and AIBEA have opposed the Reserve Bank's move to allow lenders to settle loans of wilful defaulters under compromise settlement. On whether the RBI has introduced a new clause permitting lenders to enter into compromise settlement with borrowers classified as fraud or wilful defaulters, the central bank's FAQs said "No".
BharatPe Chairman Rajnish Kumar said, "This (Unity Bank) is our biggest investment and we are committed to build it as a new-age, digital first Bank- that appeals to customers across age groups. In the last 1.5 years, Unity Bank has built a good foundation and I am confident that it will emerge as one of the most credible banks in the banking industry in the times to come."
The merger of HDFC Bank and HDFC Ltd will have an impact on the deposit holders of HDFC Ltd. The bank is likely to offer deposit holders of the mortgage company the option to either withdraw their funds or renew deposits at the interest rate being offered at that time. Interest rates are unlikely to change until maturity but those opting for renewal of fixed deposits would likely get marginally lower interest rates compared to what they got at HDFC.
State-run banks together have around 86,000 branches across the country. These branches could provide a touchpoint for election authorities to reach out to voters through voter awareness programmes.
ET first reported on May 29 that BPEA EQT was set to acquire the education loans business from HDFC group. ET reported that the buyout fund will be buying 90% of the company, with the housing finance company retaining a 10% stake that it may sell over a two-year period.
Jammu and Kashmir Bank on Monday launched two mobile branches in Ladakh to offer banking services in remote areas of the Union Territory. "J&K bank today dedicated two mobile branches -- 'J&K Bank on Wheels' -- for public in Ladakh that will extend banking services to the people of various remote and unbanked areas of the UT," a spokesman of the bank said.
The Bombay High Court has issued an interim stay on the effect of circulars issued by the Reserve Bank of India, which empower banks to declare an account as fraudulent without a hearing. The court has granted the stay until September 11, when it will hold hearings on petitions filed by Jet Airways' former owners Naresh Goyal and Anita Goyal, which will challenge the central bank's approach, saying that denying borrowers a chance to be heard violates the principle of natural justice.